A recent study explores the relationship between consumer search and income. The opportunity cost of search dependson

Question:

A recent study explores the relationship between consumer search and income. The opportunity cost of search depends on income because 1 hour of search means 1 less hour available for earning income. The study examines search behavior for liquid detergents, and shows that a doubling of income increases the cost of search and decreases the amount of searching by about 14 percent. In addition, consumer search on workdays is more costly and thus less extensive than on weekends.